Joshua M. Sandler, left, and Cheves Ligon, right, with Lynn Pinker Cox & Hurst.
On March 27, 2020, President Trump signed $2.2 trillion worth of stimulus legislation known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act is designed to get money out the door and into entities’ hands expeditiously so that it can be spent expeditiously. Accordingly, the CARES Act provides a new $349 billion program to offer short term cash-flow through federally guaranteed loans and grants for small businesses and certain nonprofits.
The Small Business Administration (SBA) is administering the program. Early reports indicate that the SBA and authorized private lenders have been inundated with applications and/or inquiries, so the smart money suggests applying now. Below are highlights from the new legislation:
